The total size of the green & bio-solvents market was USD 3,128.5 million in the past, and it will propel at 6.1% CAGR in the years to come, to reach USD 5,322.2 million by 2030, as per P&S Intelligence. The industry development is credited to the and environmental and health concerns related to synthetic solvents.
 |
| Get the sample pages of this report: https://bit.ly/3l05X3a |
Paints & coatings dominated the industry in the past, with around USD 1.2 billion. This has a lot to do with the rapid population and economic growth and the subsequent boom in the automotive and construction industries, which are main customers of paints & coatings. This, in turn, will increase the need for eco-friendly solvents in the years to come.
North America had the largest revenue share of the green & bio-solvents market, and it will generate revenue of USD 2.0 billion in 2030, registering a growth rate in excess of 6% by the end of this decade.
The existence of key manufacturers, along with the increasing requirement for environment-friendly solvents, will have a momentous impact on the bio-based solvent requirements of the region in the coming years.
Moreover, Europe followed North America in terms of revenue in the past. The requirement for these materials will experience a considerable progress in the years to come, because of the technological advancements for meeting the stringent rules on amount of VOCs in solvents.
It is because of the rapid economic and population growth and the development in the construction and automotive industries, the demand for green and bio-solvents is increasing all over the world.
No comments:
Post a Comment